Cedarville University

http://www.cedarville.edu/departments/financialaid/loanspreferredlendersstudent.htm


Student Stafford Loans - Preferred Lenders - Benefits

Lender Lender Code
2008-09 Fixed Interest Rates
SubsidizedUnsubsidized
Web-site
Wachovia 870005
6.0%6.8%
studentloans.wachovia.com
1% reduction of principal amount at time of each disbursement
  • This reduction benefit will be retroactively reversed if the first 12 monthly payments are not made on time
.25% interest rate reduction in repayment phase if you pay using automatic payment from your bank account (EFT - electronic fund transfer)
PNC Bank 809921
6.0%6.8%
www.eduloans.pncbank.com
.30% interest rate reduction in repayment phase if you pay using automatic payment from your bank account (EFT - electronic fund transfer)
Chase Bank 808956
6.0%6.8%
www.chasestudentloans.com
Currently no repayment benefits offered.
US Bank 816086
6.0%6.8%
www.usbank.com/studentloans
1% reduction of principal balance after 12 on-time monthly payments.

Please note the following:

  • Subsidized Stafford Loan -- loan interest is paid by the government while enrolled at least half-time (6.0 credit hours or more) and during the six month grace period.
  • Unsubsidized Stafford Loan -- loan interest accrues from the time of each disbursement and is the responsibility of the student. The student may make quarterly interest payments by:
    1. Indicating this choice when completing Master Promissory Note (MPN); or
    2. Calling Great Lakes Corporation (800-236-4300) or other guarantor agency if applicable.
  • By federal regulation, interest rates are different for Subsidized and Unsubsidized Stafford Loans.
  • Most lenders are likely to charge a 1% origination fee for 2008-09 (this is a change from 07-08). The 1% default fee is currently being paid by Great Lakes Corporation (Loan Guarantor Agency); however, this too is subject to change in December 2008. If you choose to use a lender not on this list, please consult the lender regarding any fees.